Ann: Consolidation of Financing Arrangements, page-30

Hi Sydney,

Hypothetically, if A40 were to have drawn upon the the additional 20m and NOT used those funds to abolish the existing 13m loan, then i think i'd be agreeing with you with having concerns. Not the case though.

Do remember that we are coming off the back of a horrendous Q4 plus the addition of one off costs associated with merger, stamp duties etc, all the while still churning through the low grade ore. Off memory our Q4 strip ratio was 20:1.....

Don't get me wrong, if by end of Q3 2019 were still waiting on second offtake, waiting on concrete Ta offtake, still waiting on res upgrade, still borrowing money & increasing debt etc well by then my patience will have run out and i'll be joining you on the sidelines but until then i have full faith in A40 management and its game plan.

IMO a little bit more short term pain and i think it will turn around very soon. Today's announcement was a positive step forward. Do keep posting as i genuinely do like your contibution to the A40 thread (and other stocks too).

Keep well,

Regards, Rick